Delphi Founder: China's Hardware Advantage is Unmatched Globally, AI Bubble Resembles Crypto Delphi Labs founder José Maria Macedo (@ZeMariaMacedo) shared his thoughts on the direction of China's AI development during an interview with the Empire channel. He remarked that the Chinese AI market carries a strong resemblance to the Crypto bubble. Macedo pointed out that Chinese AI companies like Zhipu and MiniMax are valued at $40–50 billion, yet their revenues are under $1 billion, with valuation multiples 5 to 10 times higher than OpenAI, indicating a clear bubble. This situation is similar to the inflated public market conditions seen in the crypto space before token unlocks, making primary market investments extremely challenging. Additionally, he mentioned that by 2025, the Hong Kong Stock Exchange is expected to become the world's largest IPO market, raising over $30 billion—surpassing the combined totals of the NYSE and Nasdaq. He added that while he is disappointed in the quality of Chinese software and founders, he is deeply impressed by China's hardware capabilities. The Greater Bay Area in Shenzhen provides 70% of supply chain inputs, showcasing a significant advantage. Any hardware product not manufactured in China would face immense difficulties. Source: Empire